Michaels Taps Affirm for BNPL

Buy now, pay later (BNPL) platform Affirm on Thursday (Dec. 16) announced it has partnered with arts and crafts retail chain Michaels to allow customers to pay for their supplies over time if they prefer.

Approved Michaels customers can split the cost of any purchase of more than $50 into biweekly or monthly payments by selecting Affirm at checkout, for as low as 0% APR. Affirm never charges late or hidden fees.

“At Michaels, our makers are at the heart of everything we do,” said Heather Bennett, EVP of marketing and eCommerce at Michaels, in the announcement. “We believe there is room for all makers at our craft table and are thrilled to offer more flexible payment options through our partnership with Affirm, making arts and crafts more accessible and enabling even more makers to get everything they need to bring their projects and ideas to life at Michaels.”

Affirm is available now on Michaels.com and will be rolled out at Michaels locations across the country in the coming months. Michaels joins more than 102,000 Affirm merchant partners, including Walmart, Target, Neiman Marcus and Williams Sonoma. Having Affirm as a checkout option can drive additional sales, increase average order value and boost customer repurchase rates, per the announcement.

“Michaels empowers anyone to become a maker and express their creativity,” Affirm Chief Commercial Officer Silvija Martincevic said in the announcement. “Through this partnership, Affirm will provide even more makers with the flexibility to pay over time at the largest arts and crafts retailer in the country without any hidden gotchas or surprises.

“This partnership comes in time for the holiday shopping sprint, as Affirm’s Consumer Spend Report has revealed staying on budget is the top concern for U.S. consumers,” she said.

Related: BNPL Network Affirm to Let Customers Pay Now

Last week, Affirm debuted a Cash Back Rewards program that gives customers the option to pay for purchases upfront and earning rewards for their prompt payment.

Cash Back Rewards customers automatically recoup a percentage of every eligible purchase in rewards. Those rewards can then be traded for cash or deposited to an Affirm savings account.

Customers can access the program by going to the Affirm app and clicking “Unlock” on a participating merchant’s page. Rewards become available within 30 to 90 days. Customers must open an Affirm savings account — if they don’t already have one — within 30 days to receive cash back.